# Udaan Reports FY26 Revenue of Rs 5,100 Crore and Says It Will Exit FY27 Profitable

> Udaan's FY26 revenue rose 12% to Rs 5,100 crore and its net loss narrowed to Rs 850 crore, with CEO Vaibhav Gupta saying all 11 clusters are profitable this quarter.

- Published: 2026-11-02T01:32:13+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-02/udaan-fy26-revenue-loss-profitability
- Source: [Financial Express](https://www.financialexpress.com/business/industry-we-will-exit-fy27-as-a-profitable-company-udaan-co-founder-and-ceo-vaibhav-gupta-4374794/)

## Key takeaways

- Udaan reported FY26 revenue of Rs 5,100 crore, up 12%, and a net loss of Rs 850 crore.
- CEO Vaibhav Gupta said all 11 clusters across around 18-20 cities are profitable this quarter.
- Udaan is targeting 25% annual growth and expects HoReCa to contribute a third of its business within two years.

Udaan reported FY26 revenue of Rs 5,100 crore, up 12%, and a net loss of Rs 850 crore, and co-founder and CEO Vaibhav Gupta said the company will exit FY27 as a profitable company. Gupta gave the figures in an interview with the [Financial Express](https://www.financialexpress.com/business/industry-we-will-exit-fy27-as-a-profitable-company-udaan-co-founder-and-ceo-vaibhav-gupta-4374794/).

## Udaan's Shift to City Clusters

[Udaan](https://akta.pro/company-profiles/0000x28/udaan) is India's largest eB2B platform, founded in 2016 and based in Bangalore, connecting kirana stores, chemists and hotels with manufacturers and wholesalers through a mobile-first marketplace with integrated credit, payments and logistics. Gupta said the company moved away from an open marketplace where anyone could sell anything, a model he described as a mistake, and around 2021-22 shifted to city-based clusters focused on density and throughput. The strategy worked first in Bengaluru and now across its operating cities, he said.

All 11 clusters, spanning around 18-20 cities, are profitable this quarter, according to Gupta, with Bengaluru and Mysuru reaching that point a quarter or two earlier. "We will exit FY27 as a profitable company, with FY28 being our first full year of profitability," he said. Udaan is targeting 25% annual growth, and Gupta said all 11 clusters have grown consistently for 16 quarters. In Bengaluru the company holds around 8% of the kirana market and is growing 25-30% annually against market growth of 7-8%, he said.

Hotel, restaurant and cafe business accounts for around 20% of revenue, rising to 27-28% in Bengaluru and about 20% in Hyderabad. Gupta said Udaan is rolling HoReCa out across all clusters this quarter and expects it to contribute a third of the business over the next couple of years. In staples, the company expects private labels to account for 70-80% of sales, and Gupta said they generate twice the margins of market brands.

## Udaan's Funding and Deal Record

Udaan's total funding stands at $2.3 billion at Series G stage, with its last round dated July 14, 2026, according to akta.pro [company records](https://akta.pro/company-data). The same records list a $45 million debt-funded round led by BlackRock in July 2026 and a $115 million round that month with two investors. They also show a $1.8 billion valuation, flat from a Series G round led by M&G Investments and Lightspeed in June 2025, and FY25 revenue of Rs 4,561 crore, down from Rs 10,000 crore in FY22 after an exit from non-essential verticals.

## Deals Preceding the Turnaround

In September 2026, Udaan acquired Swiggy's LYNK Logistics for ₹500 crore, settling through preference equity shares that gave Swiggy a 2.8% stake, with Swiggy also investing ₹75 crore for an additional 0.4%, BusinessLine reported. That month Udaan closed a $114 million funding round led by M&G Prudential and Lightspeed at a $1.8 billion valuation, The Economic Times reported. In October 2026, Business Standard reported that Udaan expects FY26 revenue growth of 10-12% and losses to narrow by 20%, targeting full profitability by the end of 2027 and an IPO by early 2028.

## Udaan's IPO Target

Company records show Udaan announced a reverse flip from Singapore to India in 2026, merging its Singapore holding entity with Hiveloop E-Commerce Private Limited as part of IPO preparation, with an IPO targeted within 9-18 months.

## Companies in this story

- [Udaan company profile](https://akta.pro/company-profiles/0000x28/udaan) · website: https://udaan.com

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